![]() This is impossible, because the entire economic output of that tiny nation was just $6 billion that year. For example, American corporations, as a group, reported to the IRS that they earned $60 billion in the Cayman Islands in 2019. There is overwhelming evidence that this type of reform is badly needed. But you would never know that from the way some lawmakers are selectively citing the JCT report to defend corporate tax avoidance.Įven worse, these lawmakers ignore proposals from President Biden and Congressional Democrats that are stronger than the standards set out in the international agreement and would therefore raise more revenue than any scenario explored in this JCT report. That is the conclusion of a recent report from Congress’ official revenue-estimators at the Joint Committee on Taxation (JCT). would be better off if it implements the international agreement to impose a global minimum tax on corporations. ![]() ![]() No matter what other countries do, the U.S. ![]()
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